UraniumX Discovery Corp. (CSE: STMN) has entered into a definitive agreement to acquire a 100% interest in the Dieter Lake uranium project in North-Central Quebec from Consolidated Uranium Inc., a wholly owned subsidiary of IsoEnergy Ltd. The transaction, announced July 10, 2026, involves no cash consideration; instead, Consolidated Uranium will receive 18 million common shares of UraniumX at a deemed price of $0.10 per share and a 2.0% net smelter returns royalty. Upon closing, IsoEnergy is expected to hold approximately 15.6% of UraniumX on a non-diluted basis, becoming one of the company’s largest shareholders with the right to nominate one director to the board.
The deal marks a strategic endorsement from IsoEnergy, a leading uranium developer that owns the Hurricane deposit—described as the world’s highest-grade published indicated uranium mineral resource, with 48.6 million pounds U3O8 at an average grade of 34.5% U3O8. IsoEnergy also holds permitted past-producing mines in Utah and recently expanded into Australia through the acquisition of Toro Energy Limited. By taking a significant equity position, IsoEnergy signals confidence in UraniumX’s potential and provides the junior explorer with a partner positioned for near-term uranium production.
Dieter Lake hosts a historical estimate of 19.3 million tonnes at 0.057% U3O8, containing approximately 24.4 million pounds U3O8, according to a 2006 estimate reported by Fission Energy Corp. and documented in a 2011 technical report. The mineralization is traced over approximately 6 km of strike in four zones—Vivian, Nancy I and II, and Bert’s—and remains open to the southwest. The property comprises 168 claims over approximately 8,106 hectares, where uranium mineral exploration is permitted. A 2025 heliborne magnetic survey and a 2023 alteration-mineral study have generated additional untested targets, and the majority of the property has seen little or no modern drilling.
UraniumX CEO Esen Boldkhuu emphasized the strategic value: “Dieter Lake will hand our shareholders a project with a historical estimate of 24.4 million pounds of U3O8, in a mineralized horizon that is still open, on ground that has seen little or no modern drilling. Just as important is who we are acquiring it from: IsoEnergy is becoming a long-term strategic shareholder of UraniumX. On closing, UraniumX becomes a multi-jurisdiction Canadian uranium company, and we intend to reward that conviction.”
The transaction aligns UraniumX with an established Athabasca Basin operator whose ground sits in the same district as UraniumX’s Murphy Lake and Zoo Bay properties in Saskatchewan. The company’s objective is to advance Dieter Lake toward a current mineral resource estimate through compilation and verification of historical data and confirmation drilling. An updated National Instrument 43-101 technical report is being prepared by Dahrouge Geological Consulting Ltd., with further updates expected.
The Consideration Shares will be subject to a statutory four-month-and-one-day hold and a voluntary lock-up releasing 25% on each of the 4, 8, 12, and 16 month anniversaries of closing. UraniumX and Consolidated Uranium will enter into an investor rights agreement providing board nomination rights as long as IsoEnergy maintains a 5.0% ownership interest, along with participation and top-up rights in future equity issuances. The transaction is expected to close in the third quarter of 2026, subject to customary conditions and regulatory approvals.
Ken Wheatley, P.Geo., a qualified person under NI 43-101, has reviewed and approved the scientific and technical information in this release. However, the historical estimate is not treated as a current mineral resource, and investors are cautioned that a qualified person has not done sufficient work to classify it as such.
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